'Fast Money' Recap: BP Blues

The trading panel discussed how BP has weighed on the energy sector and the entire market.

Kaminsky said the stock is enveloped in a lot of uncertainty because no one knows what the value of the company is. "Who knows what will happen when they go out and try to finance themselves?"

He said he heard some talk of possible bankruptcy action. That comment prompted Lee to quickly say there was no basis for the talk about bankruptcy.

Grasso said he sold his BP shares because of the risk of bankruptcy and dividend cut.

Whitney Tilson, managing partner for T2 Partners, said he took advantage of the panic and confusion over BP stock to add to his position, raising his stake in the embattled company from 4% to 5%.

He said the panic and confusion are unfounded. He said BP is one of the most profitable companies on the globe and easily has the financial resources to cover the cleanup costs. For example, he said in the past two months, the company has been saddled with $1 billion in cleanup costs but it has generated $5 billion in pretax profits.

He said only "untold legal judgments" could be a serious problem for BP but that it would take years for those to be resolved.

Terranova expressed his concerns about the negative impact BP is having on the entire energy space. Kelly said he liked natural gas and Chesapeake ( CHK).

Lee noted a Reuters story that said that BP is heading for a showdown with the White House. Rep. Mike Pence (R., Indiana) said he was disturbed to learn that President Obama had not picked up the phone to call BP's CEO in 50 days. He said that the president needs to exercise more leadership in handling the crisis.

Shifting to the falling euro, Dennis Gartman said the euro is heading toward parity with the dollar and that "shouldn't be a surprise to anyone." He was extremely pessimistic about the future of the euro as a currency.

There was some glum about China's economy as well. Najarian said the iShares: FTSE/Xinhua ( FXI) has broken below its 200-day moving average, with "people positioning themselves for more downside."